SANTA CLARA (AP) — Intel Corp. on Tuesday reported first-quarter net income of $1.99 billion.
On a per-share basis, the Santa Clara, California-based company said it had net income of 41 cents.
The results surpassed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The world’s largest chipmaker posted revenue of $12.78 billion in the period, falling short of Street forecasts. Fifteen analysts surveyed by Zacks expected $12.83 billion. Intel lowered its own revenue forecast for the quarter last month, projecting sales of $12.5 billion to $13.1 billion, while citing weak demand for new personal computers.
For the current quarter ending in June, Intel said it expects revenue in the range of $12.7 billion to $13.7 billion. Analysts surveyed by Zacks had expected revenue of $13.42 billion.
Intel’s stock was up 64 cents, or 2 percent, to $32.16 in aftermarket trading following the release of the earnings report.
Through the close of regular-session trading Tuesday, Intel shares have decreased 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 2 percent.